Square Cash is a product by Square was launched yesterday to allow anyone to send money via email. To send Money to let’s say John, all you have to do is to go to your email compose, compose an email to John, copy (cc) to [email protected], type in the amount to be sent in the subject line, write as much as you want in the compose box, and send.
Before you can send money via your email you, the sender, and John, the recipient, are required to have align your credit cards with Square Cash system. Once the email is sent, Square Cash will process the payment in one or two days and the recipient’s bank account credited directly. Square has said that they are not charging for this service neither do they intend to charge unless they add some cool features in Square Cash.
The ease with which money is to be sent using square cash makes the product a real competitor to online wallets like Google Wallet and Paypal. Paypal has so far been the default online payment platform.
Square Cash is currently available in the US but plans are underway to roll it out to other regions in the coming months. These are some of those products that M-PESA should keep an open ears on so that when they roll locally they grab the opportunity to avail M-PESA online.